The Feed-In Tariff

The Feed-In Tariff (FIT) is a cash back scheme introduced by the UK government in an effort to encourage people to look to a renewable source of energy, and also to assist the government in achieving its goal of increasing levels of renewable energy to 15% by 2020. This figure is legally binding, and there is therefore a certain amount of pressure to reach and maintain this desired goal, hence the scheme's introduction.

Eon's FIT Scheme

In the latter half of 2011, the UK government announced a cut to the FIT scheme. Under the new scheme solar panel installations of below 4kw will now receive a rate of 21p instead of 43p. Whilst this has caused a certain amount of consternation with prospective consumers, Eon Energy maintain that your solar project can still be a sound and financially viable option even at the lower tariff rate.

By way of a 'Solar Saver Electricity System', Eon operates in accordance with the government's FIT scheme, boasting an incredibly competitive financial saving. Under this scheme you will be paid for all of the electricity your solar panels produce whether you use it or not. In addition to this, you will also be paid for any unused electricity you sell back to the National Grid. Furthermore, as a result of your using much less electricity from the supply grid, any bills you receive from Eon will be significantly lower.

Do you Qualify for the Scheme?

In order to qualify for Eon's FIT scheme you must fulfill certain criteria. An Energy Performance Certificate (EPC) stating that your property has reached Level D (or higher) is required before you can proceed with the scheme. Approximately half of all domestic properties and 60-65% of all non domestic properties already fit into this category, hence it may already be easier than you think to qualify. If, however, your property falls below this category, you will receive a lower tariff.

Eon will personalise a solar system to suit your property, and which will ensure that you will receive the maximum benefit from the FIT scheme. Yearly checks will be carried out to ensure that you are receiving the best possible return; and with residential properties being exempt from paying any income tax on their FIT profits, your investment is further protected. Businesses, however, are not exempt from paying income tax on FIT profits.

FITs - Still a Worthwhile Option!

Even though the scheme may not be as financially attractive as it was before the government's changes, it is a still a scheme worth considering. Reliance on non-renewable sources of energy must be decreased if the UK is to work towards becoming as self reliant as possible in terms of producing its own energy supply. Moreover, there is a feeling of great personal satisfaction in knowing that you are not only doing as much as you can to reduce the impact of your energy requirements on the environment, but that you are also generating your own electricity supply, and making money in the process.

For many people considering solar energy as their primary energy source, return on their investment has often been a major cause of concern. However, with Eon's Solar Saver Electricity System you can rest assured that your solar panel investment will pay for itself, as well as the electricity you are using.